Abstract: A method of automatically selecting tests for execution on a software product includes generating a cost model based on test performance history data that is based on results of past executions of a plurality of tests on the software product, wherein the cost model provides, for each test in the plurality of tests, a first expected monetary cost value associated with executing the test and a second expected monetary cost value associated with skipping execution of the test. The method includes automatically selecting tests in the plurality of tests for future execution based on the first and second expected monetary cost values.